TAXtalk Newsletter

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South Africa´s Leading Tax Magazine

December
2007
Week 1

Don´t do it on your own - create a tax team Interview with Terry scott - Summit TV

Spruce-up could yield tax benefits Sanchia Temkin - Business Day - Personal Finance

SAIT: A haven for tax professionals at all levels TAXtalk Magazine Article

Tax deductions on Trademarks and R&D Madeleine Schubert - Shepstone & Wylie

Food Price Inflation Update Brett Scott - Chief Investment Officer - The Perfect Portfolio

This Week in TAXtalk

Dear Subscriber,

The SARS website reports that at the end of the 31 October 2007 deadline 3.2 million taxpayers had filed their tax returns. This is a 20% increase on last year and the first time SARS passes the 3 million returns mark.

Tax returns for the current year (2007) numbered more than 2.3 million - an increase of 6% - and is another record. The filing of outstanding returns also reached record numbers with 872 000 returns filed.

The biggest success story of the 2007 filing season campaign so far reports SARS had been the uptake of SARS eFiling. They are encouraged by the rate at which taxpayers and practitioners have adopted electronic filing with more than 940 000 returns having been issued via eFiling and already more than 250 000 filed. This is an increase of 600% on last year.

SARS still expects about 1 million tax returns to be filed by 31 January 2008. Taxpayers who have not yet registered for eFiling should do so at www.sarsefiling.co.za before the end of the year.

With regard to the processing of returns, SARS would like to advise that where the information supplied by taxpayers matches the information in SARS´s possession, taxpayers can expect reduced turnaround times in receiving their assessment and, where applicable, refunds. However, where the information does not correlate, SARS will investigate further, including requesting that taxpayers submit copies of their supporting documents for review.

	TAXtalk Magazine - Issue 8, 2007

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SARS has also introduced two new forms to speed up and simplify the objection process. The first, a Request for Correction, is completed by taxpayers who have made an error on their return or believe SARS to have made an error. The second form, a Notice of Objection, is used when the information is accurate but the taxpayer disputes SARS´s assessment.

As SARS continues to roll out their new assessment process and are getting better at providing better service to taxpayers, they state on their website that they are acutely aware of the important role employers have in this tax administration process. The provision information about employees accurately, timeously and electronically to SARS is vital in offering honest taxpayers with the best response time.

SARS states that they will be engaging with employers over the coming months to work out systems and procedures to streamline relations with them especially where the provision of taxpayer data is concerned for both this year and in preparations for next year.

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Tax Issues
When it comes to tax, it is not worth doing it on your own. The best way to go about it is to create a tax team. Terry Scott, partner at EFGS Attorneys discussed this on Tax Issues. Click here for a transcript of the interview.

Tax Issues is broadcast on Summit TV (DSTV channel 292) at 20h40 & 22h40 on Wednesday evenings and at 7h30 on Thursday mornings.

Receive your own copy of TAXtalk every 2 months, subscribe online in less than two minutes.

Till next week.
Janine Connor
Executive Editor & Head of TAXtalk

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	Don´t do it on your own - create a tax team
Interview with Terry Scott - Summit TV
When it comes to tax, it is not worth doing it on your own. The best way to go about it is to create a tax team. This issue was discussed by Terry Scott, partner at EFGS Attorneys on Tax Issues, broadcast on Summit TV on Wednesday.
read more ...


	Spruce-up could yield tax benefits
Sanchia Temkin - Business Day - Personal Finance
A window of opportunity exists for companies to clean up their corporate structures and distribute certain reserves to shareholders without attracting tax, according to new draft laws. Taxpayers had until January 1 2009 to arrange their financial affairs, said Bernard Sacks, a partner at auditing firm Mazars Moores Rowland.
read more ...


	Global Tax Jobs
eTaxjobs is a global job portal exclusively for tax professionals, and an online resource for employers and recruitment firms to advertise their vacancies. eTaxjobs operate in the UK, Europe, USA, Canada, Australia, New Zealand, Africa and around the World. Available tax jobs for this week are: Tax Manager - Global Employer Services, Deloitte, Johannesburg, Gauteng Tax Compliance Advisor, Shell, The Hague, Holland Tax Effective Supply Chain Specialists, Singapore International Tax - Manager, Deloitte, Johannesburg, Gauteng, South Africa Tax Consultant (VAT), Deloitte, Durban, Kwazulu Natal


	SAIT: A haven for tax professionals at all levels
TAXtalk Magazine Article
The South African Institute of Tax Practioners (SAIT) was recently constituted as a non-profit professional body for tax professionals. SAIT has now joined forces with TAXtalk magazine, appointing it as the official journal of the institute. TAXtalk talked to Prof. Lynette Olivier and Stiaan Klue about the new Institute and what their immediate plans are for SAIT.
read more ...


	Events and Seminars


This exclusive Seminar will include presentations from respected tax experts from around the country and abroad and include discussion on: Formal introduction of SAIT as a professional Institute in South Africa. Feedback from local tax practitioners on the draft Bill. Update on the developments surrounding the draft ‘Regulating of Tax Practitioners Bill’. Presentation by Taxation Institute of Australia on international best practice for regulating tax practitioners. Potential impact of the new legislation on accountants and tax professionals. Info session on the new SARS e-filing. Tax update presented by Professors Jackie Arendse and Lynette Olivier. Presentation on ‘7 Habitual Tax Mistakes’ made by companies.
To book your seat or for more information, Click Here


	Tax deductions on Trademarks and R&D
Madeleine Schubert - Shepstone & Wylie
Taxpayers may now claim tax deductions for registration costs pertaining to trademarks, following a recent amendment to the Tax Act. Prior to this amendment, the law only permitted tax deductions where the taxpayer incurred renewal costs pertaining to trademark registration, explains Madeleine Schubert of Shepstone & Wylie's tax law department.
read more ...


	Food Price Inflation Update

Brett Scott - Chief Investment Officer

The last time we looked at these figures we saw that the average price increases for the 12-month period ending July 2007 had been 13.76% (sharply up from the 7.58% figure for March 2007). With the Reserve Banks upper target of 6% borne in mind, more than 13% seemed ridiculously high, until now.